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Insider trading in the aftermath of Newman

The Second Circuit’s decision in United States v. Newman et al., in December 2014, and its refusal in April to reconsider constituted a clear rebuke of the Justice Department’s and SEC’s vehement arguments forecasting dire consequences for enforcing insider trading laws. Since the original decision, several insider trading prosecutions already have been upended, and more legal challenges are under way.

What are the ramifications of the Newman decision?

What effects will the court ruling have on charging decisions by federal prosecutors and SEC lawyers?

What jurisdictions and forums will become more popular for insider trading cases?

What is the significance for fund, investment advisor, financial institution, and other company compliance programs?